Nuveen California to redeem $39.95 million of auction-rate preferreds

By Toni Weeks

San Diego, March 29 - Nuveen California Dividend Advantage Municipal Fund 2 will redeem all of its outstanding M and F series municipal auction-rate cumulative preferred securities, according to a press release.

Each of the 1,598 shares has a liquidation preference of $25,000, and the redemption will total $39.95 million.

The company will redeem 799 F series preferreds on April 20 and 799 M series preferreds on April 21.

Nuveen is an investment management firm based in Chicago.

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